Property Division in Northern Virginia
Northern Virginia Divorce Lawyers
With the assistance of a Northern Virginia divorce attorney the vast majority
of divorcing couples are able to amicably come to agreeable terms concerning
division of their property. However, in the event a couple cannot agree,
the process of dividing property (and debts) is one of the more complex
areas of divorce and family law. Virginia's property distribution
scheme is referred to as "equitable distribution." Having a
divorce attorney that is well-versed in Virginia's equitable distribution scheme will
ensure the best possible outcome for your case.
The Impact of Divorce on Mutually Owned Property
In the Commonwealth of Virginia, the process of property division is called
"equitable distribution." In equitably distributing property,
the Court, with the assistance of the parties' respective attorneys,
must identify all assets owned by the parties, classify the assets as
marital property, separate property or part-marital, part-separate or
hybrid property, and then value each asset. Property is generally valued
as of the date of trial or the parties' date of separation. The courts
also identify and classify all debts of the parties. The amount of any
debt is generally determined as of the date of the parties' separation.
The courts only have the power to distribute those assets that are classified
as marital property or partly-marital property and to allocate marital
debts between the parties.
- In determining how to effectuate equitable distribution and whether to
make a monetary award, courts consider the following factors:
- The contributions, monetary and nonmonetary, of each party to the well-being
of the family;
- The contributions, monetary and nonmonetary, of each party in the acquisition
and care and maintenance of such marital property of the parties;
- The duration of the marriage;
- The ages and physical and mental condition of the parties;
- The circumstances and factors which contributed to the dissolution of the
marriage, specifically including any ground for divorce;
- How and when specific items of such marital property were acquired;
- The debts and liabilities of each spouse, the basis for such debts and
liabilities, and the property which may serve as security for such debts
- The liquid or non-liquid character of all marital property;
- The tax consequences to each party;
- The use or expenditure of marital property by either of the parties for
a non-marital separate purpose or the dissipation of such funds, when
such was done in anticipation of divorce or separation or after the last
separation of the parties; and
- Such other factors as the court deems necessary or appropriate to consider
in order to arrive at a fair and equitable monetary award.
As the one of the largest family law firms in Virginia, ShounBach's
attorneys have a wide range of experience, as well as solid training.
If you have questions concerning property division, the division of assets
and debts, or equitable distribution, contact an attorney at ShounBach.
Don't hesitate to
contact a Northern Virginia property division lawyer from our firm to learn more about how your divorce will affect the division
of your property.